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"I'm back all the time, my family's still there, so it's actually one of the most exciting things I've ever done since my business (started) in 2000," he said. "

He said he's ready to bring "international and national fashion people and designers into downtown Detroit."

Asked about the financial and demographic reasoning behind the investment, Varvatos said: "You can't always look at the numbers. You really can't. Detroit is one of those cities that has been pushed out to the suburbs. There's this influx of young, affluent people moving to downtown Detroit again. It's less about the demos you're looking out than it is your gut."

In a 2012 interview with the Freep Press, he was asked about Detroit's impact on his success:

"I try and come back at least two or three times a year, I wish I could come back more. But last time I was there I went to the Magic Bag to listen to music, and still, everywhere I go, I'm people-watching. I love seeing what people are wearing in the street when I'm at Greektown or when I'm at the airport. But there's definitely a unique Detroit style.

"For me, rock 'n' roll was part of my roots growing up. I collected all this rock photography, some of the most amazing photos, and that's always been a huge influence on me and the way I think about fashion.

Designer John Varvatos attends Fashion Rocks 2014 presented by Three Lions Entertainment at the Barclays Center of Brooklyn on Sept. 9, 2014, in New York City.(Photo: Dimitrios Kambouris Getty Images for Three Lions Ent)

"When I was growing up, the scene included the Stooges, Alice Cooper, the MC5. Motown was a big part of it for me, too. I have always looked at rock 'n' roll from a fashion point of view. Detroit's had a big influence on me."